Train Alliance Sweden (TRAIN) investor relations material

Executive summary

• Q3 centered on a settlement with Polar Structure that resolves outstanding dealings and transfers selected assets; all settlement conditions were met after quarter-end.

• Q3 and 9M 2026 recorded substantial operating and net losses; adjusted NAV fell to SEK 16.5 per share from SEK 18.9 at year-end, partly due to the Sigtuna land sale.

• Following quarter-end, a Hallsberg land sale was agreed for SEK 120m, with an expected capital gain of SEK 86.5m; SMARTCargo was discontinued, leaving potential EU grant repayment exposure.

Financial highlights

• Q3 revenue was SEK 9.2m versus originally reported SEK 81.3m in Q3 2025; Q3 operating income was SEK 11.9m, including SEK 2.7m capitalized own work.

• Q3 operating loss was SEK 20.0m, net loss SEK 29.0m and EPS -SEK 0.37; 9M operating loss was SEK 81.2m, net loss SEK 106.9m and EPS -SEK 1.35.

• 9M revenue was SEK 43.2m versus originally reported SEK 239.7m in 9M 2025; 9M operating income was SEK 66.4m, including SEK 23.2m capitalized own work.

• Q3 costs included SEK 11.4m direct costs, SEK 11.1m other external costs and SEK 5.6m depreciation; 9M costs included SEK 61.9m direct, SEK 45.8m external and SEK 11.9m depreciation.

• Q3 net loss included SEK 10.2m interest expense; 9M net loss included SEK 28.0m interest expense and SEK 20.0m other operating costs.

Outlook and guidance

• Strategic work is shifting toward long-term value realization from land and infrastructure assets, with renewed contacts with potential partners.

• A European logistics operator completed design for a planned 100,000 sqm rail-connected freight terminal in Hallsberg; a decision on the next stage remains pending.

• The Hallsberg land sale is expected to provide a further SEK 102m upon completion, in addition to SEK 18m in down payment received after quarter-end.